Matrix Service Q1 FY2022 revenue $168.1M, loss $0.66/sh; backlog up 21% on $266.9M awards

MATRIX SERVICE CO

2022-Q1 EPS reported -$0.66 revenue$168,093,000

Revenue $168.1M, down from $174.9M in Q4; GAAP loss $0.66/sh, adjusted loss $0.60.
Project awards $266.9M, book-to-bill 1.6 (highest since Q1 FY2020); backlog $561.4M (+21.4%).
Utility & Power segment hit by $5.9M cost overrun on a large capital project; Storage & Terminals margin 0.6%.
Balance sheet: no debt, new $100M credit facility; liquidity $66.8M plus $27.6M restricted cash.
CEO expects improving results in H2; bidding remains strong across LNG, renewables, electrical infrastructure.

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